25 May 2026 Council meeting Economy

Municipal Security Issuing Resolution - Public Works Yard Updates Borrowing Bylaw 2026 No. 7450

Motion
That Council approve borrowing $10,570,000 from the Municipal Finance Authority of British Columbia, as part of the 2026 fall Borrowing Session, as authorized through “Public Works Yard Updates Borrowing Bylaw 2026 No. 7450”; and, that the Regional District of Nanaimo be required to consent to the City of Nanaimo borrowing the $10,570,000 over a twenty (20) year term and include the borrowing in a Security Issuing Bylaw.
Minutes, page 11
Sources
Agenda itemCity agenda, whole meeting
Staff reportPage 1
Purpose
To seek Council’s approval for borrowing $10,570,000 from the Municipal Finance Authority (MFA) for Phase I of the Public Works Yard Updates (a project previously approved by Council) through adoption of “Public Works Yard Updates Borrowing Bylaw 2026 No. 7450” on 2026-MAR-23.
Staff report, page 1
Staff recommendation
That Council approve borrowing $10,570,000 from the Municipal Finance Authority of British Columbia, as part of the 2026 fall Borrowing Session, as authorized through “Public Works Yard Updates Borrowing Bylaw 2026 No. 7450”; And That the Regional District of Nanaimo be required to consent to the City of Nanaimo borrowing the $10,570,000 over a twenty (20) year term and include the borrowing in a Security Issuing Bylaw.
Staff report, page 1
DocumentsStaff report about Economic Development

Questions and answers

Councillor Janice Perrino
Speaker identificationConfident
Yes

asked
much, Ms. Gurrie. Council APRO. Thank you. Your worship and just a comment and a question. I think this is an excellent idea. We don't need to borrow the full amount right now. So this small portion that we are going forward today, how soon do you think we'll have to go for the next hopefully small portion. Um, do
Laura Mercer
Speaker identificationConfident
answeredGeneral Manager, Corporate Services
You worship to Councillor Preno? So we would look at doing this once a year. So, um, next fall we would go for the borrowing again. It would come in the spring. But the fall would be a fall borrowing. Is a second question if I may, you worship. Is there a danger that we could be refused. No. Because we've already been approved for the borough because these are
followed up
Just draws on the, on the amount we're allowed to borrow. And we don't pay any interest until we've actually borrowed the money. Yes. Excellent. First time I've ever seen it done. Well done. Just a great plan. And I'll put the motion on the floor if you wish your

Councillor Ian Thorpe
Speaker identificationConfident
Yes

asked
Speak to it. Oh, thank you worship. Yes. I absolutely support this. But I did have a question through you, your worship to Ms. Mercer. And that is how will this borrowing amount affect our future ability to borrow from
Laura Mercer
Speaker identificationConfident
answeredGeneral Manager, Corporate Services
the Finance Authority. Um, through a worship. So this for our, um, borrowing limit, it looks at the total amount we've been allowed to borrow. So I can't remember 76 million. That's already taken into account because we've been approved for that. So that is when they calculate how much room we have left, that is, they've already taken into accountal amount. So we have lots of room left. We do have lots of room left. That's great to know.
Sheila Gurrie
Speaker identificationConfident
answeredDirector, Legislative Services
Thank you very much. Just to clarify your worship at 76, 680, 000 was like the up to amount that